WV HB4125

Amends West Virginia personal income tax law to allow residents a credit against state taxes for income taxes paid to foreign countries, in addition to existing credits for taxes paid to other U.S. states and Washington D.C.

Requires taxpayers claiming the foreign tax credit to demonstrate to the Tax Commissioner that double taxation would occur without the credit, after applying federal Internal Revenue Code provisions for foreign income

Limits the credit so it cannot exceed the proportion of West Virginia tax attributable to income taxed by the foreign jurisdiction, and cannot reduce tax below what would be owed if the foreign income were excluded

Sets a sunset date of July 1, 2070, after which the foreign income tax credit provision expires